Business
Banks will witness a much needed reform after Warren demands for a change due to FinCEN files fraud
People were all protesting to get more information about the Global banking system fraud which was undertaken unacknowledged recently. The big banks have moved around trillions of dollars in some unclear and suspicious transactions. All of the transactions were made to make benefits and to help oneself. The transactions were also helping shareholders. These transactions were also promoting the actions of terrorists and druggists. After getting much information about the scam, Elizabeth Warren also called a meeting on Monday to reform the government practices related to the banks.
She stated that they need to facilitate transparency in the financial networks so that they can prevent dark money from flowing here and there. There was no real punishment offered to the banks on their scams. She said that there will be new reforms that will promote transparency in financial planning. There will be a new unit in the US Treasury Department as per Warren. This new department will be separate from FinCEN. The main aim of this department will be to investigate financial crimes. Wall Street executives will also be held criminally accountable if these types of crimes are reported.
Bernie Sanders also shared thoughts on the issue and said that the basic model of Wall Street is mostly fraud. The information was shared on Twitter. He cleared that Money Laundering, Bribery, Collusion and many other types of practices are a regular in Wall Street. He named a number of practices on his tweet. The experts are also suggesting that there are more allegations as compared to what is shown in the media. People are speculating that there is so much more information available but it is not made public. A huge pile of documents was sent to the concerned authorities of the Financial Crimes Enforcement Network (FinCEN). Although, the information is not yet conversed for the common public.
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